Update on August 9, 2011:
The board of directors of Telmex has approved the proposed acquisition of the company by America Movil. The Telmex board has authorized America Movil to launch its tender offer.

Announcement (August 1, 2011):
America Movil has announced that its board of directors approved a tender offer to acquire the remaining 40.04% stake in Telmex for approximately $6,500 million.

Under the tender offer, America Movil will acquire the remaining shares of Telmex at a price of MXN10.50 ($0.89) per share payable in cash. Upon completion of the offer, America Movil will directly or indirectly own 100% of the outstanding Telmex capital stock.

The purchase price per share represents a premium of 10.64% to Telmex's closing price on July 29, 2011.

The tender offer will include those shares that are represented by American Depositary shares.

Citigroup, Inc. is acting as financial advisor to America Movil and Morgan Stanley is acting as financial advisor to Telmex.